Joint sales process launched for P1’s Aircraft and European Cargo Limited

Damien Murran and Julian Moroney of Teneo Restructuring Ireland were appointed Joint Provisional Liquidators of Priority 1 Leasing Limited and Priority 1 Leasing Holding Ireland Limited (together “P1”) on 24 June 2026. Stuart Morris, Robert Fishman and David Soden of Teneo Financial Advisory Limited were appointed Joint Administrators of European Cargo Limited (“ECL”) on 3 June 2026.

The Joint Provisional Liquidators and Joint Administrators have a launched a sales process to explore the potential going-concern sale of ECL together with the sale of P1’s aircraft. ECL offers the opportunity to acquire a long-haul cargo platform with a UK AOC and supporting regulatory functions. Key highlights include:
6x owned A340-600P2F aircraft in flight ready storage.
A further 9x owned aircraft (3x A340-500 & 6x A340-600) are in long-term storage, together with 1x A340-600 designated for spares and a substantial engine inventory.
UK Air Operator’s Certificate, Part 145 Maintenance Approval, CAM approval.

ECL’s platform and capabilities together with P1’s aircraft offers prospective buyers the opportunity to pursue a range of new strategic opportunities, including:
The launch of new airline cargo operations or the expansion of existing operations;
The opportunity to rebuild ECL’s commercial operation; and
The potential to carve out a standalone Maintenance, Repair & Overhaul capability (“MRO”).

The Joint Provisional Liquidators of P1 and Joint Administrators of ECL welcome interested parties to come forward to express their interest.